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Former Daily Camera building sold to Denver's Nichols Partnership for $13.5M

By Mitchell Byars, Camera Staff Writer

Posted:
12/13/2012 10:34:15 AM MST

Updated:
12/13/2012 08:57:50 PM MST

Chad Lemonds walks a 5-gallon keg of beer in front of the former Daily Camera building at 1048 Pearl St. while delivering to a restaurant on Thursday. Los Angeles-based Karlin Real Estate, which bought the Camera s two downtown properties in 2010 for $9 million, has sold the site to a Denver developer for $13.5 million. (Jeremy Papasso / Daily Camera)

Just months after getting city approval to redevelop the former Daily Camera building in the heart of downtown Boulder, Los Angeles-based Karlin Real Estate has sold the two properties to a Denver developer that attempted to buy the site when it first hit the market four years ago.

Nichols Partnership Inc. announced Thursday that it purchased Karlin's Eleventh and Pearl development -- spanning the Camera's former properties at 1048 Pearl St. and 1023 Walnut St. -- for $13.5 million. Karlin paid $9 million for the properties in 2010 and has spent the last two years working on plans to build nearly 160,000 square feet of office space, retail, restaurants and movie theaters in three- to four-story buildings on the site.

An artist s rendering of the proposed redevelopment of the Daily Camera property as seen from the Walnut Street side. The newspaper s former properties were sold this week to a Denver developer for $13.5 million.

"It's an absolutely terrific location," said Randy Nichols, president of the Nichols Partnership. "That's an irreplaceable asset because of its full block on Pearl Street and in downtown Boulder that's hard to come by."

Nichols appeared poised to buy the properties from the Camera in 2009, but ultimately pulled out of the bidding process.

"We were interested in it three years ago, but it was a very different world at that time, with the market still heading downwards." Nichols said. "Today the market is headed back up and we felt it was time to get back involved."

Nichols said no changes will be made to the plans submitted by Karlin, which were approved by Boulder's Planning Board and Landmarks Board in September. The Boulder City Council also voted not to call up the plans in October, but Nichols must still submit to a technical document review.

The original architect, Shears Adkins Rockmore, and engineer, JVA, also will remain on the project after the sale.

"It has been a pleasure for the design team to work with Karlin to secure approvals for this important downtown project," said Chris Shears, principal of Shears Adkins Rockmore, in a news release. "Having worked with Randy Nichols for 15 years, we believe that there is no better developer in Colorado to complete Karlin's plan as originally designed and approved."

The former Daily Camera building at 1048 Pearl St.
(
MARK LEFFINGWELL
)

Nichols Partnership Inc. announced that plans are to break ground on the $80 million project in the fall or winter of 2013. Nichols said he hopes to develop office space that will help keep local start-up companies in the downtown area.

"The thing that's been missing in downtown Boulder is an office location for some of the successful start-ups that Boulder incubates," Nichols said. "They start a company, they grow and become successful and they have no space to occupy in Boulder and they end up moving to Denver or Interlocken (in Broomfield).

"This is an opportunity to provide core space for Boulder-based companies that they just can't find now. There is not Class A modern office space on Pearl Street and that's where everybody wants to be, so it's a perfect opportunity to fill a niche in the market."

As for the price he paid in his second attempt to buy the properties, Nichols said he believes it will be a wise investment.

"Time will tell, but we believe the market is strong enough in Boulder to support that price," he said.

Representatives from Karlin did not return calls for comment Thursday.

Karlin also recently sold two other sites in Boulder. Properties at 5450 Western Ave. -- where the Camera moved in 2011 after the sale of its home for 120 years -- and 1780 Conestoga Ave. were sold in November to Square Six LLC, an entity registered to University of Colorado alumnus S.J. "Arch" Archuleta, according to Boulder County property records.

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